X-cell Inc. began operations on August 1, 2023, and showed the following account balances at...
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X-cell Inc. began operations on August 1, 2023, and showed the following account balances at August 31. Cash: $40,000; Accounts Receivable: $4,300; Supplies: $3,200; Prepaid Insurance: $4,200; Accounts Payable: $1,500; Unearned Revenue: $3,000; Share Capital: $36,400; Rent Earned: $14,700; Utilities Expense: $3,900. The following transactions occurred during September. September 2 : John Jarell (a shareholder), received share capital in X-cell Inc., after investing $50,000 cash and $15,000 worth of supplies in X-cell Inc. September 3 : One of X-cell Inc.'s clients rented equipment today for $1,800 on credit. September 6 : X-cell Inc. bought $500 of supplies paying $100 cash and $400 on account. September 7 : X-cell Inc. received a bill today for this month
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